Telia Finance turns to Temenos T24 for digital banking revamp
Telia Finance, owned by Nordics/Baltic-based telco Telia, has chosen Temenos’ T24 core banking system for its digital services.
The firm plans to introduce new finance services to its 24 million retail and corporate customers. These include lending and leasing products.
According to Temenos, T24 provides multi-company, multi-country and multi-currency capabilities which are required to support the company’s future geographical expansion.
Marcus Söderberg, COO, Telia Finance, says Temenos’ technology “will allow us to reduce time-to-market for a multitude of finance solutions for our retail and corporate clients, and enhance our levels of service” and “in the future, we will be able to quickly perform eligibility checks and approve, for example, a handset loan in less than a minute”.
David Arnott, CEO, Temenos, adds that the Nordics is a “key market for Temenos where we have a significant presence and serve leading banks such as Nordea”.
It is worth noting, however, that the project is understood to be running behind schedule. Updates on the venture progress – a €1 billion technology overhaul in the Nordics and Temenos’ largest core banking software deal – are yet to be announced. The project is being carried out with Accenture.
In terms of Telia, T24 is set to go live in four Nordic countries within 12 months. The system will be deployed in a single instance.
The implementation will be based around Temenos’ “model bank” approach, which provides a pre-configured technology structure, including built-in compliance with regional requirements – “to ensure the quickest possible implementation timeframe”.